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Bank Owned Jointly by U.s.-israel Interests Opens in Israel

The First International Bank of Israel, the first bank owned jointly by American and Israeli interests, opened for business this week. It has assets of IL 1.5 billion and employs 900 persons in 34 branches here and abroad. The new venture is expected to pave the way for expanded participation by US firms and individuals in Israeli business and industrial enterprises.

The principal stockholder is the First Pennsylvania Corp, which acquired 41.6 percent of the First International Bank’s shares for $16 million. Other stockholders are the Israel government, the Triumph Investment Trust of Great Britain, the Baldwin Securities Corp. of the US, the Israel Investors Corp., Samuel Rothberg of Peoria, Ill., and the Mayer Investment Corp. of Tel Aviv.